§ 47-4608 — DC-USA development project — Tax exemptions.

District of Columbia § 47-4608

• Jurisdiction: District of Columbia
• Title 47: Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]
• Ch. 46: Special Tax Incentives.

Text

(a) For the purposes of this section, the term:

(1) “DC-USA Project” means the acquisition, development, construction, installation, and equipping of the multi-use retail and parking garage project to be located in square 2674, lots 719, 720, 812, 832, 863, 866, 869, 870, 871, and 872 and the portions of the public alley system in square 2674 that reverted to lots 719, 720, 863, 870, and 872 pursuant to the Closing of Public Alleys on Square 2674, S.O. 01-2426, Act of 2004, effective March 17, 2005 ( D.C. Law 15-254 ; 51 DCR 11429), and the Plat of Alley Closing filed with the Surveyor of the District of Columbia in Book 199, Page 88, including the successor record or assessment and taxation lots to be developed by the Developer, consisting of:

(A) Approximately 487,000 square feet of retail space, including approximately 180,000 square feet of retail space to be owned and operated as a department store by Target Corporation;

(B) An underground parking garage for approximately 1,000 automobiles; and

(C) Other ancillary improvements.

(2) “Developer” means DC USA Operating Co. LLC.

(3) “Development Sponsor” means the National Capital Revitalization Corporation, any subsidiary thereof, or assignee thereof.

(4) “Parking Garage Unit” means the underground parking garage for approximately 1,000 automobiles which will be one of 3 commercial condominium units comprising the DC-USA Project.

(b) The DC-USA Project shall be exempt from the tax imposed by §§ 42-1103 and 47-903 .

(1) The sales and rental of tangible personal property to be incorporated in or consumed in the course of the development, construction, equipping, and furnishing of the DC-USA Project, whether or not the sale, material, rental, or nature of the property is incorporated as a permanent part of the DC-USA Project, shall be exempt from the tax imposed by § 47-2002 .

(2) The sales tax exemption granted by paragraph (1) of this subsection shall apply upon the conveyance of the real property to the Developer by the Development Sponsor.

(3) The sales tax exemption granted by paragraph (1) of this subsection shall terminate upon the issuance of a Certificate of Occupancy for the DC-USA Project.

(1) The DC-USA Project shall be exempt from the tax imposed by Chapter 8 [of this title].

(2) The real property tax exemption granted by paragraph (1) of this subsection shall apply upon the conveyance of the real property to the Developer by the Development Sponsor.

(3) The real property exemption granted by paragraph (1) of this subsection shall terminate upon the conveyance of the Parking Garage Unit from the Developer to the Development Sponsor.

(e) The amount of taxes exempt pursuant to subsections (c) and (d) of this section shall not exceed, in the aggregate, $1,029,000.

(f) The amount of all taxes exempt pursuant to this section shall be in addition to any other tax relief or assistance from any other source applicable to the DC-USA Project.

Legislative History

May 20, 2006, D.C. Law 16-105, § 2(b), 53 DCR 2051; Mar. 2, 2007, D.C. Law 16-191, § 9(a), 53 DCR 6794; Mar. 25, 2009, D.C. Law 17-353, § 112, 56 DCR 1117